Philippine abaca fibre market to grow at 5.7% to 2019


With the continuing development of the fibre craft industry in the Philippines, the abaca fibre market has been witnessing a boost owing to growing demand for gifts, toys and housewares.

Moreover, increasing consumer inclination for lifestyle products is further expected to strengthen the growth trend for abaca crafts in the coming years.

Currently, there are only two major exporters of abaca fibre in the world – the Philippines and Ecuador, with the Philippines accounting for more than 80% of the global production of abaca fibre.

In the Philippines, abaca plant is cultivated across 130,000 ha of land by over 90,000 farmers. Abaca fibre is primarily used as a raw material by end-user industries such as pulp and paper, fibre craft, cordage, etc.

According to a recently published TechSci Research report, Philippines Abaca Fibre Market Forecast & Opportunities, 2019, the abaca fibre market in Philippines is projected to register a compound annual growth rate of around 5.7% during 2014-19.

For the full story, see the February 2015 edition of Textiles South East Asia. Not a subscriber? Sign up HERE